While the former White House economist said inflation will sink the rising economy, he said new legislation on taxes and domestic spending will help.
"I think our core problem is that we have an unsustainably overheated economy that's leading to high inflation, which is cutting people's paychecks," Summers told CNN.
Economist Larry Summers said the U.S. is headed for a recession despite strong job numbers. Above, Summers is interviewed by Fox News' Maria Bartiromo on May 24, 2017, in New York City.Blitzer asked Summers if the report changed his earlier prediction that there was a three-fourths chance the U.S. economy will enter a recession within the next two years. Summers said he stood by his prediction.
At the time, Biden and his economic advisers brushed aside inflationary concerns given the extent that the pandemic had damaged the economy.in June, the highest figure since 1981 and an increase from May's 8.6 percent.
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